Thain Takes Charge at CIT

NEW YORK-John A. Thain has been named chairman and chief executive officer of CIT, effective immediately.

According to a company statement, Thain will "continue CIT's transition to a more streamlined commercial lender focused on serving the small-business and middle-market sectors, and optimizing the company's business model." CIT emerged from Chapter 11 bankruptcy protection in December.

Thain succeeds Peter Tobin, who was named interim CEO in January and who remains on the company's board of directors.

Thain served as chairman and CEO of Merrill Lynch until it was sold to Bank of America in 2008. Prior to that, he was CEO of the New York Stock Exchange, and before that served as president and chief operating officer of Goldman Sachs.

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